Travelers (TRV) Q4 2025 Earnings
Reported Jan 21, 2026 at 6:58 AM ET · SEC Source
Q4 25 EPS
$11.13
BEAT +26.66%
Est. $8.79
Q4 25 Revenue
$12.43B
BEAT +11.55%
Est. $11.14B
vs S&P Since Q4 25
+13.5%
BEATING MARKET
TRV +22.4% vs S&P +9.0%
Full Year 2025 Results
FY 25 EPS
$27.59
FY 25 Revenue
$48.83B
Market Reaction
Did TRV Beat Earnings? Q4 2025 Results
Travelers posted a blowout fourth quarter, with earnings per share of $11.13 beating the Wall Street consensus of $8.79 by 26.66% and revenue of $12.43 billion coming in 11.55% ahead of estimates, a result that underscored the insurer's broad-based u… Read more Travelers posted a blowout fourth quarter, with earnings per share of $11.13 beating the Wall Street consensus of $8.79 by 26.66% and revenue of $12.43 billion coming in 11.55% ahead of estimates, a result that underscored the insurer's broad-based underwriting strength heading into 2026. The single most powerful driver of the beat was a dramatic improvement in profitability across all three business segments, highlighted by the consolidated combined ratio tightening 3.0 points to 80.2%, with Personal Insurance standing out as the standout, its combined ratio falling 6.7 points to 74.0% and segment income climbing to $1.09 billion. Net investment income also contributed, growing 10% to $1.05 billion pre-tax as average yields rose, a trend CEO Alan Schnitzer expects to continue as higher reinvestment rates expand the fixed income portfolio's earnings power. Full-year revenue grew 3.5% year over year, and the board's authorization of an additional $5.00 billion in share repurchases signals confidence in sustained capital generation, even as peers across the P&C sector reported their own strong underwriting quarters.
Key Takeaways
- • Consolidated combined ratio improved 3.0 points to 80.2%
- • Underlying combined ratio improved 1.8 points to 82.2%
- • Net investment income increased 10% after-tax to $867 million
- • Net favorable prior year reserve development in all segments
- • Lower catastrophe losses in Q4
- • Higher business volumes across all segments
- • Growth in average invested assets and higher average yield in long-term fixed income portfolio
TRV YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
TRV Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report excellent fourth quarter and full year results driven by strong performance across both underwriting and investments. Our results this year and over time reflect the power of our earnings engine fueled by the disciplined execution of our strategy across every dimension of our business.”
— Alan Schnitzer, Q4 2025 Earnings Press Release
TRV Earnings Trends
TRV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TRV EPS Trend
Earnings per share: estimate vs actual
TRV Revenue Trend
Quarterly revenue: estimate vs actual
TRV Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $7.08 | $7.71 | +8.93% | $11.92B | +7.36% |
| Q4 25 BEAT FY | $8.79 | $11.13 | +26.66% | $12.43B | +11.55% |
| FY Full Year | — | $27.59 | — | $48.83B | — |
| Q3 25 BEAT | $6.30 | $8.14 | +29.16% | $12.47B | +11.89% |
| Q2 25 BEAT | $3.37 | $6.51 | +93.01% | $12.12B | +9.97% |